What Is the Difference Between Getting Paid by the Gram or Pennyweight When Selling Gold?
Getting paid by the gram and getting paid by the pennyweight are two different aspects of selling gold that you need to be aware of. Learn the difference between getting paid by the gram and getting paid by the pennyweight with help from a jewelry buyer in this free video clip.
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Hello, my name is Brett Barrad with jewelry2cash.com, I'm a jewelry buyer based in San Diego, California. Today, I'm going to answer the question, of what's the difference between getting paid by the gram versus the pennyweight? In all reality, there truly shouldn't be a difference in getting paid by the gram or the pennyweight. As long as you know, how many units of each are in a troy ounce of metal. However, there are many buyers out there, that will often use the pennyweight unit of measurement to make it seem as you are getting paid more. When that may not necessarily be the case. If you look at the chart, you'll notice that there are thirty-one point one grams in a troy ounce of metal,and there are pennyweights in a troy ounce of metal. Additionally, one pennyweight equals one point five five five grams, and one gram equals point six four three pennyweights. For example, you'd be better off selling gold to a buyer who's paying you 20 dollars per gram, as opposed to 25 dollars per pennyweight. Since the gram price would actually net you approximately, six hundred, twenty-two dollars, and the pennyweight price would net you, five hundred dollars per ounce. The price per ounce in this example, was actually 25 percent higher. So, it my sound like you're getting paid more, but that's simply a higher per-unit price. A simpler understanding, is when pricing items in the grocery store. Many people know that there are 16 ounces in a pound. So, if you were purchasing butter for example, at 35 cents per ounce. That's more than purchasing it for five dollars a pound. The same is true with the gram and the pennyweight conversion. Knowing the conversions is key to avoid being taken advantage of, when selling your gold, and it'll ensure you get the best possible price. Remember, there are thirty-one point one grams in a troy ounce, and there are 20 pennyweights in a troy ounce. My name is Brett Barrad with jewelry2cash.com, jewelry buyer based in San Diego, California. I hope I've answered the questions about the differences in getting paid by the gram versus the pennyweight, when selling one's gold. Thank you.